Re: Congress Street Garage Development
I'll make a gentlemen?s bet on this one........ I'm betting this project goes through, starts soon (that's a relative term in the construction world) and is approved almost "as is" with regards to not only the developers criteria, but also the city's. This is the first and only project I've seen in Boston that has been so transparent in the planning process with the neighborhood and public. The developer held 6 public meeting in which they asked the city "what do you want" prior to the Article 80 review.
1) Funding is there?? Who do you think paid for the garage in 2007? It wasn?t Raymond. I?ll give you guys a hint??? I) The National Electrical Benefit Fund who ?with nearly $12 billion in net assets, NEBF ranks as the third largest Taft-Hartley pension fund in the U.S. This solid asset base delivers financial security for more than 80,000 retired beneficiaries today, and is a building block which will secure the retirement of future generations of workers in the electrical industry.? And???. II) The Lewis Trust Group who ?has worldwide interests in retailing, leisure, financial services, and property. Acorn Asset Management, Inc., the headquarter company for U.S. subsidiaries of the Lewis Trust Group, is an active investor in numerous U.S. markets including Boston. The firm is responsible for 85 companies that currently own or invest in joint-venture projects comprising 1.8 million square feet of office and retail developments, three large hotels, and 203 acres of undeveloped land in various stages of predevelopment.?
2) The City of Boston knows it?s got to build something soon so as to boost our local job market in this economy. Any the mayor is so angry about the Filene?s fiasco.
3) The developer is pushing for a Silver LEED certification, and we all know about the ?Green? push these days.
Lastly, please please please just remember that the rendering you see are ONLY MASSINGS. Give it time and let this project develop before you beat it down.
Ok, So who wants to take the other side????